Denver pushes for banking access for pot industry

DENVER — The Denver City Council wants marijuana businesses in Colorado to be granted access to federal banking institutions now that the drug is legal for commerce.

The Denver Post reports (http://bit.ly/1gBpLyg ) the council voted unanimously on the proclamation Monday night, five days after marijuana became legal for recreational use in the state.

Although Colorado has allowed legal marijuana use for adults, the drug remains illegal under federal law, meaning banks are reluctant to offer services. For the most part, pot shops in Colorado deal in cash only, which council members say raises multiple safety and legal concerns.

Councilman Charlie Brown called the lack of bank options for the industry “absurd” and “ridiculous,” saying no business can sufficiently operate on a cash-only basis.